I have one...
It was worth it.
From a strictly engineering standpoint, it is definitely worth the $200. At least I am impressed with all of the different elements, such as the two belts that, in my opinion, feel better than any other hands-free device, the automatic lube dispension that is important to avoid chafing, and the signaling technology that synchronizes it with video.
Given all the engineering and innovations, I think the $200 is a great price, especially because no other product, that I know of, does what the RealTouch does as well as it does.
Which brings us to the pay-to-play. I don't have a problem with that given that it helps keep the price of the device down. I.e., they can sell the RealTouch cheaper because they recover the discount from selling credits. If you don't like the credits, they also give you free videos that allow you to use the device without paying to play. You can view the free videos online, or you can view them from the included DVD.
To me, that justified the price. However, I understand how it may be out of some price ranges from a cost-benefit standpoint.
Aside from the price, there are a few other downsides: 1. I'll wager each device will eventually wear out once it is out of the short warranty (I am on my second one). 2. The RealTouch requires more set up time, getting everything installed properly on your PC, connecting the cables, filling it with lube, waiting for it to boot up, and cleaning it. 3. It can use a lot of lube and may leak. My old one seemed to use more and leaked a little more, but my new one is much better about it.
That being said, I think it is a great toy and will definitely buy another if something happens to the one I have. In fact, I already replaced one from a couple of years ago. Also, they now allow cam models to control it over webcam and are working on allowing couples to also use it while camming (probably for an additional fee).
Hope that helped.